Adaptive Biotechnologies Corporation (ADPT) vs BillionToOne, Inc. (BLLN)

Adaptive Biotechnologies Corporation and BillionToOne, Inc. are both Diagnostics & Research companies. BillionToOne, Inc. is the larger, with a market value of $5.3B against $4.3B — 1.2× the size. Adaptive Biotechnologies Corporation has negative trailing earnings, so its P/E is not meaningful; BillionToOne, Inc. trades at 88.7×. BillionToOne, Inc. grew revenue faster over the last twelve months: 76.5% against 17.9%. BillionToOne, Inc. has the higher net margin (11.2% vs −23.7%) and the higher return on invested capital (0.00% vs 0.00%). Across the 15 metrics below, BillionToOne, Inc. leads on 14 and Adaptive Biotechnologies Corporation on 1.

Valuation

Metric ADPT BLLN Diagnostics & Research median
P/E n/m 88.69 34.52
P/S 14.51 12.11 4.24
P/B 23.52 9.86 3.42
Price to free cash flow n/m 156.11 33.51
EV/EBITDA n/m 86.69 23.44
EV/Sales 14.63 11.03 5.18
Earnings yield (1.67%) 1.13% (1.50%)
Free cash flow yield (0.20%) 0.64% 0.00%

Profitability

Metric ADPT BLLN Diagnostics & Research median
Gross margin 74.15% 71.41% 48.32%
Operating margin (16.18%) 10.23% (5.68%)
Net margin (23.66%) 11.23% (4.10%)
Free cash flow margin (2.96%) 7.76% 0.00%
Return on equity (36.34%) 0.00% 0.00%
Return on assets (12.02%) 9.02% (6.05%)
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric ADPT BLLN Diagnostics & Research median
Revenue growth (TTM) 17.91% 76.53% 8.99%
EPS growth (last fiscal year) 63.89% 103.40% 20.36%
Revenue growth, 5-year CAGR 23.00% — 7.30%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ADPT BLLN Diagnostics & Research median
Debt to equity 0.00 0.00 0.01
Current ratio 3.97 11.25 2.27
Net debt to EBITDA 5.43 (15.70) 0.68

Dividend

Metric ADPT BLLN Diagnostics & Research median
Dividend yield — — 0.67%
Payout ratio — — 0.20

Size

Metric ADPT BLLN Diagnostics & Research median
Market cap 4.28b 5.30b 2.22b

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